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Cannabis Summary for Dec. 6, 2019

2019-12-06 21:16 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index rose 3.68 points to 385.68 Friday, ending the week down 21.27 points. While tax loss selling could drag cannabis stocks down further (most cannabis investors have plenty of losses in 2019), cannabis investors will be hoping the legalization of edibles, vapes, topicals and beverages can help shift sentiment and, eventually, fundamentals. The products were technically legalized on Oct. 17, but because there is a mandatory 60-day waiting period after companies submit products for approval to Health Canada, the edibles, vapes, etc. will first be available in stores in mid-December.

In Ontario, these products will not be available until Jan. 6. Ontario Cannabis Store (OCS) interim chief executive officer Cal Bricker said today in an interview with BNN Bloomberg that the extra three-week delay will give licensed producers time to properly prepare.

Ontario has been infamously slow at allowing dispensaries to open. Despite being the most populated province in Canada, Ontario still has just 24 operating stores. In the interview, Mr. Bricker also said that OCS, a crown corporation, plans to support the Ontario government's intention to change the dispensary licence system from a lottery-based system to a simple application system where anyone can apply. He did not say when that would happen, but he believes it is unlikely that people will still be talking about a dispensary shortage in Ontario this time next year.

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